Living in London is now 40% more expensive than it was in 2005


Boris Johnson

Living in London is now more than 40% more expensive than it was ten years ago, according to the Living Wage Foundation and the Mayor of London.
On Monday morning, Boris Johnson announced that the London Living Wage has risen by 40.3% in the past ten years, reflecting the huge rise in the cost of living in the capital.
The news came as Johnson announced that the Living Wage has been increased by £0.25 ($0.39) per hour and now sits at £9.40 ($14.55) per hour, an increase of 2.7%.
The London Living Wage is set by the Living Wage Foundation and is not an official minimum salary, but is used to indicate how much employers need to pay in order for employees to enjoy a basic standard of living.
Speaking about the changes, Sarah Vero, Director at the Living Wage Foundation, said "Londoners are well aware that living costs in the capital have been rising faster than wages, and for many staff that are paid salaries close to the national minimums, life in this amazing city can be clouded by struggling from one pay day to the next."
Even though the Living Wage is voluntary, more and more employers are deciding to pay it. In the last year alone, the number of employers paying London Living Wage has increased from 429 to 724, and prominent brands like homeware store Oliver Bonas, Chelsea Football Club and pharmaceuticals giant GlaxoSmithKline have recently committed to it.
“I am delighted that more than 700 employers have signed up to paying the London Living Wage and we now have tens of thousands of employees being properly rewarded for the work they do. As our economy continues to grow and employment in London increases, it is essential all hardworking Londoners receive a fair share of the proceeds of the capital’s success." said mayor Boris Johnson.
Last week, the Living Wage Foundation announced that the National Living Wage for all employees outside the capital is increasing to £8.25 ($12.77), a rise of £0.40 ($0.62). This is substantially higher than the current minimum wage of £6.70 ($10.37), and the national living wage of £7.20 ($11.15) which will be introduced in April next year.

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